When it comes to revenue, just about nothing matters more than making sure all billable hours get booked and ultimately billed. As simple as it sounds, it just doesn’t happen like that. While there are a variety of reasons for this, there are software solutions that make capturing all billable time a reality.
Let’s examine in closer detail the losses incurred when time gets “leaked,” the difficulty of going back to find lost billable time, and what you can do firmwide to improve the situation.
Losing Time and Revenue
We live in an age of constant distraction and interruption. It is surprising to no one that small bits of work—phone calls, quick emails, an edit to a document—get forgotten amidst the daily hustle and bustle. And when it’s difficult to remember what you were doing right before you got pinged by that email, it’s no wonder that trying to remember all the work you did at the end of the day is going to result in quite a bit of billable time vanishing into thin air.
This is only compounded by the mobile nature of today’s work—talking on the phone while rushing to a meeting, reviewing a document while commuting in on the train, or sending emails while at your kid’s school. All of this is billable work, but if it is not recorded, it is forgotten and revenue is forfeited.
Finding Time and Money
It is astonishing how much revenue is lost from time entries that are inaccurate or work that is just not recorded.
Let’s assume each timekeeper picks up an average of 10 hours per month. That’s our experience. At $400 per hour that represents $48,000 per year in potential time. For a 100 timekeeper firm, closing the leak represents $4.8 million in incremental billings.
The takeaway? Every bit of billable time matters.
Unleashing the Power of Automated Time Capture
Technology is revolutionizing the legal industry, and that includes the industry’s timekeeping practices. Not only does time capture software improve accuracy, prevent leaked time and increase revenue, it actually eases the burden on all employees in a firm, from timekeepers to the accounting department.
Smart Time is our timekeeping platform, which includes a Time Capture module that helps timekeepers accurately complete their timesheets by providing a daily record that answers the question, “What did I do, when did I do it, and how long did it take?” It enables timekeepers to find even small increments of time that usually go unbooked and to correct underreported entries.
It works by polling the firm’s systems and the user desktop to collect information on all aspects of the timekeeper’s day. It finds emails, calendared meetings, phone calls, mobile calls, documents, dictation, browsing and more. Next, event data is cross-referenced to assign client matter codes, while supplementary data is added to the event description to better jog the timekeeper’s memory. Users can then access their data online or receive a nightly journal report.
Smart Time Plugs Leaks and Boosts Revenue
Complete and accurate timesheets with the least amount of effort is the goal of Smart Time. The software also supports every style of timekeeper, whether contemporaneous, reconstructionist or collaborative. The time capture module is astonishingly good at finding time even the best timekeepers have missed. It quickly plugs the leaks and boosts revenue.
Time means money for law firms. Don’t lose another minute.